আয় গোপন করিবার জন্য জরিমানা

(1) During any proceedings under this Act, if the authority conducting the proceedings is satisfied that any person, in the course of such proceedings or any previous proceedings related to the assessment of tax for the same income year, has evaded the amount payable under this Act by furnishing false information regarding their income, assets, liabilities, expenses, or any other significant information related to the amount payable by the taxpayer, then the authority conducting the proceedings shall impose a penalty on such person equal to the amount of A, where—

A = Evaded amount × 10% × B,

B = The total number of years, including the tax year in which the tax evasion occurred and the tax year in which the evasion is detected.

(2) For the purposes of this section, —

(a) “Authority conducting the proceedings” shall mean—

(i) An income tax authority not below the rank of Commissioner; and

(ii) The Tax Appellate Tribunal;

(b) “Evaded amount” shall mean C - D for any tax year, where—

C = The tax and other amounts that would have been payable for the tax year if the income, assets, liabilities, expenses, or other significant information had not been falsely reported,

D = The actual amount paid in the relevant tax year.

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